Xcite Energy Limited Award of Options (4536P)

TIDMXEL

RNS Number : 4536P

Xcite Energy Limited

19 August 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

TSX-V, LSE-AIM: XEL

19 August 2014

Xcite Energy Limited

("Xcite Energy" or the "Company")

Award of Options

Xcite Energy announces the award of an aggregate of 6,700,000 options to purchase ordinary shares of the Company to all members of the Xcite Energy Resources plc management team and staff, and to the Board of Directors.

The options were granted under the terms of the Company's Share Option Scheme by reference to the closing price on the TSX-V of the Company's ordinary shares on 18 August 2014 and vest immediately. This award is made in recognition of the substantial progress made in 2014 to re-finance the Company, the formation of the Bentley development partner group and the work to define and de-risk the costs and schedule for the field development plan.

All options have an exercise price of GBP0.64 (CAN$1.17) per ordinary share and carry a term of five years from the date of award.

Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:

 
                       Option award      Aggregate ordinary 
                       now being made    shares under option 
-------------------  ----------------  --------------------- 
 
 Timothy Jones            200,000             790,000 
-------------------  ----------------  --------------------- 
 Gregory Moroney          100,000             690,000 
-------------------  ----------------  --------------------- 
 Scott Cochlan            100,000             790,000 
-------------------  ----------------  --------------------- 
 Henry Wilson             100,000             250,000 
-------------------  ----------------  --------------------- 
 Stephen Kew              650,000            4,071,000 
-------------------  ----------------  --------------------- 
 Rupert Cole              650,000            4,071,000 
-------------------  ----------------  --------------------- 
 Andrew Fairclough        850,000            2,100,000 
-------------------  ----------------  --------------------- 
 
 
 
 ENQUIRIES: 
                                       [phone] 
  Xcite Energy Limited                 063 
 Rupert Cole / Andrew Fairclough 
 
                                     [phone] 
 Liberum (Joint Broker and Nomad)     2222 
 Clayton Bush / Tim Graham 
 
                                     [phone] 
 Morgan Stanley (Joint Broker)        8000 
 Andrew Foster 
 
                                     [phone] 
 Bell Pottinger                       3232 
 Mark Antelme / Henry Lerwill 
 
 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEDBGDICBBBGSI